Prices for residential real estate fall by 6.7 percent in Hamburg
Prices for houses and apartments in Hamburg fell by an average of 6.7 percent in the third quarter compared to the same period last year. This is the result of a study published on Friday by the Association of German Pfandbrief Banks (VDP). This means that Hamburg recorded above-average price declines among the seven largest cities in Germany.
On average, residential properties in the major cities of Berlin, Hamburg, Frankfurt, Düsseldorf, Cologne, Munich and Stuttgart became 5.7 percent cheaper. The biggest fall was in Frankfurt at 9.1 percent, the lowest in Berlin at 4.7 percent.
According to the association, which represents the most important real estate financiers in Germany, the crisis on the German real estate market is continuing. The main reason for the fall in prices is the sharp rise in interest rates, which is making financing more expensive.
Despite the overall decline in real estate prices in major German cities, the decrease in Hamburg was particularly notable, with living spaces seeing a 6.7% price decrease. This trend could potentially make finding more affordable housing options in Hamburg more appealing for many individuals.
Source: www.dpa.com
